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Can you have too much money in your RRSP?
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Can you have too much money in your RRSP?
Earlier this year the Registered Retirement Savings Plan (RRSP) celebrated its 60th birthday. This means for decades Canadians have had a great opportunity to defer taxes and growth their retirement nest egg using the RRSP. But can you have too much money in your RRSP? I’ll provide my answer in a bit.
History of the RRSP
The RRSP was created in 1957. Back then I read that contribution limits were 10% of the previous year’s income to a $2,500 maximum. If Canadians did not contribute to this account in any given year, that year’s contribution room was gone – forever. The rules have obviously changed over time, for the better. Canadians can now grow/maintain their contribution room over many years. The change happened in the early 1990s – contribution limits changed to 18% of the previous year’s income and account holders then could carry-forward contribution room. Indefinite carry-forward contribution room was established in the mid-1990s and remains this way thankfully…
Can you have too much money in your RRSP?
Earlier this year the Registered Retirement Savings Plan (RRSP) celebrated its 60th birthday. This means for decades Canadians have had a great opportunity to defer taxes and growth their retirement nest egg using the RRSP. But can you have too much money in your RRSP? I’ll provide my answer in a bit.
History of the RRSP
The RRSP was created in 1957. Back then I read that contribution limits were 10% of the previous year’s income to a $2,500 maximum. If Canadians did not contribute to this account in any given year, that year’s contribution room was gone – forever. The rules have obviously changed over time, for the better. Canadians can now grow/maintain their contribution room over many years. The change happened in the early 1990s – contribution limits changed to 18% of the previous year’s income and account holders then could carry-forward contribution room. Indefinite carry-forward contribution room was established in the mid-1990s and remains this way thankfully…
